Page 310 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Ahemdabad Bench
9. The Application filed by M/s. Reliance Commercial Finance Limited is complete in all respects and no

defect is pointed out.

10. In this Application filed by M/s. Reliance Commercial Finance Ltd., Respondent did not choose to
file any objections. Learned Counsel appearing for the Respondent stated that they are making every
effort to settle with all the creditors by making payments in due course of time. In view of the above

discussion, the Application filed by the Applicant, M/s. Reliance Commercial Finance Ltd., i.e., CP (IB)
No. 65 of 2017 deserves to be admitted, and it is accordingly admitted under Section 7(5) of the Code.

11. The Applicant proposed the name of Mr. Subodhkumar Bajranglal Kedia as Insolvency Resolution

Professional'. Hence, this Adjudicating Authority hereby appoint, Mr. Subodhkumar Bajranglal Kedia,
residing at 205, Kaling, Near Mount Carmel School, Behind Bata Show Room, Ashram Road,
Ahmedabad-380009 with Registration No. IBBI/IPA-001/IP-P00009/2016-17/10028 as 'Interim

Insolvency Resolution Professional' under Section 13(1)(c) of the Code.

12. This Adjudicating Authority hereby declares moratorium under Section 13(1)(a) of the Code
prohibiting the following as laid down in Section 14 of the Code;

(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor
including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or
other authority;

(b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any

legal right or beneficial interest therein;

(c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in
respect of its property including any action under the Securitisation and Reconstruction of Financial

Assets and Enforcement of Security Interest Act, 2002 (54 of 2002);

(d) the recovery of any property by an owner or lessor where such property is occupied by or in the
possession of the corporate debtor.

13. The Interim Resolution Professional shall make public announcement about initiation of 'Corporate
Insolvency Resolution Process', as required by Section 13(1)(b) of the Code.

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